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Personal Finance Society
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Backstage with Keith Richards

31st October 2016

 

Last week, the Personal Finance Society stepped up its campaign against scammers and fraudsters by joining the fight against cold calling for pensions and investments.

We signed a petition, which was initiated by PFS member and Red Circle Financial Planning director Darren Cooke, calling for the practice to be banned.

https://www.moneymarketing.co.uk/pfs-pledges-support-advisers-cold-calling-petition/

Cold calling is a blight on our profession, targeting vulnerable individuals who in many cases are being sold unregulated investments and getting taken in by scammers.

The petition currently has more than 3,500 signatures but needs to reach 10,000 by 21 March in order for the Government to respond.

I'm sure members would agree that scammers and fraudsters tarnish the reputation of our profession and that's why I'm urging you to join the fight by SIGNING THE PETITION HERE.

You will be hearing more from me soon about other initiatives we are spearheading to combat the threat of scams and fraud, and I'll be calling on your support to weed out unscrupulous behaviour.

One-on-one with new FCA chief

Having previously met Andrew Bailey at a number of industry events, I was pleased to accept his invitation for a formal one-on-one meeting, which I attended last week.

It was an extremely constructive meeting and the FCA chief clearly demonstrated an in-depth understanding of the challenges facing the advice profession, its clients and consumers more broadly.

We discussed potential improvements to the FSCS, as well as other key issues around suitability and the Senior Managers Regime. We talked through the latest developments around MiFID and the European Securities and Markets Authority (ESMA), which highlights the value of the PFS's accredited adviser directory linked to our consumer site  yourmoney.

Andrew is keen to continue this engagement in order to address some of these key issues, and equally work on improving relationships and engagement with the profession on a two-way basis.

Influencing outcomes

As I mentioned in my previous blog, in the past few weeks we've been busy responding to a number of regulatory consultations from Treasury and the FCA.

Last week we submitted our response to the Treasury's consultation on its proposed Pension Advice Allowance (PAA), outlining our recommendation that the allowance be broadened to ensure consumers seeking varying forms of 'advice' are offered access to the allowance.

Later this month we will be responding to the Treasury's consultation on amending the definition of financial advice:  https://www.gov.uk/government/consultations/amending-the-definition-of-financial-advice-consultation

As always, I welcome your views and ideas - please direct any constructive feedback to: membership@thepfs.org

 

Kind regards,

Keith 

 

About the Blog

In this blog Personal Finance Society CEO Keith Richards will be keeping you up-to-date with all the Personal Finance Society news, projects and initiatives that we have in the works.

Read past editions of the blog »